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Central Bank Earns NT$147.5B. in First 11 Months, Exceeding Full-year Goal

2014/12/26 | By Judy Li

Taiwan's Central Bank posted a profit of NT$147.527 billion (US$4.92 billion) in the first 11 months of this year, exceeding the full-year goal of NT$123.1 billion (US$4.1 billion). The bank gains came mainly from earnings on foreign currency, according to bank governor F. N. Perng.

Since taking over the helm at the Central Bank in 1998, Perng has earned praise across party lines for his performance. In 2000, Perng earned his first 'A' rating from Global Finance magazine as one of the world's best central bankers. He maintained the top ranking for 10 straight years from 2005-2014.

In the past decade, the Central Bank has added over NT$180 billion (US$6 billion) on average to the national coffers.

Perng said that there are many variables involved in the use of foreign currency, including fluctuating exchange rates and varying interest rates, that are beyond the bank's control and introduce uncertainty to the bank's income gains.

He stressed that the Central Bank's main functions are to help regulate commodity prices, stabilize financial situation, and respond to economic change. (JL)